Word: nationalizes
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Dates: during 1970-1979
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Carter's standing in the world plunged to a new low as a result of last week's strange performance at the top in the nation that is supposed to be the economic and political leader of the non-Communist world. Accustomed to their parliamentary system, in which a Cabinet resignation signals the overthrow of a government, large numbers of Europeans even wondered whether the Carter Administration had fallen. As the week progressed, they became increasingly critical of the President. "He always acts too late and thus appears to be the victim rather than the master of events...
With the resignation of Treasury Secretary Michael Blumenthal and the shift of G. William Miller from the chairmanship of the Federal Reserve Board to Blumenthal's job at Treasury, the nation's first-string economic team has been radically altered. TIME Business Correspondent George Taber analyzes the prospective impact of these changes...
...economic firepower, filling the Cabinet with five Ph.D. economists: Blumenthal, Commerce Secretary Juanita Kreps, Labor Secretary Ray Marshall, Energy Secretary James Schlesinger and Chief Economist Charles Schultze. In addition, a number of Carter's appointees possessed impressive managerial credentials. Blumenthal had headed the Bendix Corp., one of the nation's best-run firms, while Bert Lance, Carter's first Budget Director, was a highly successful banker...
...Blumenthal protege. The two men, moreover, are products of the urbane world of Big Business and both favor liberal social policies. When they breakfasted together, as they did almost every Tuesday, they found that they disagreed more about what to eat than about the kind of economic policy the nation should pursue. Like Blumenthal, Miller is committed to an all-out fight against inflation, large government and budget deficits. The new Secretary also believes in helping business and has urged tax breaks to stimulate corporate investment...
...that verbal heat last week was over one of the President's more modest steps to conserve energy: his proclamation requiring most public and commercial buildings in the nation to be cooled to no lower than 78° F this summer. Although health experts assert that such a temperature is within an acceptable human "comfort range," the moaning over this minor inconvenience was widespread...